Report By: Vikash Kandoi Email: vikash@dynamiclevels · Page 3 Source: Company, About Coromandel:...

Source: Company, www.dynamiclevels.com

Report By: Vikash Kandoi –

Email: [email protected]

mailto:[email protected]


Coromandel International – The Greenest Company in India

About Coromandel …………………………………..………….……………….……3

Product Detail…………………………………………………………………………...4

Investors Guidance from Company’s Management…………………...…..6

Industry Outlook…………………………………………………………………….....9

Technical and Fundamental Overview at Glance..…………………....….10

Share holding Pattern………………………………………………………………..11

Company Financials………………………………..…………….………….….…..14

Balance sheet……………………………………………………………………………16

Key Ratios………………………............................….……..……………....…..18

Investment Rationale………………………………………...………….......…....19


About Coromandel:

Coromandel International Limited or Coromandel, as it is widely known, is India’s second largest

Phosphatic fertilizer player. The Company clocked a turnover of Rs. 11,500 Crore during FY 2015-16.

It was ranked among the top 20 best companies to work for by Business Today. The company’s

products and services include:

Fertilizers

Specialty Nutrients

Crop Protection

Retail

Coromandel was also voted as one of the ten greenest companies in India by TERI, mirroring its

commitment to the environment and society. Coromandel is a part of the INR 295 Billion Murugappa

Group.

Raw Materials:

Coromandel Raw Material (Reported as per Annual Report):

Product Name Value % of RM cost to Total Cost

Plant Protection Chemicals 558.37 8.25

Urea 436.54 6.45

Mop (Muriate Of Potash) 380.8 5.62

Ammonia 1361.41 20.11

Phosphoric Acid 2213.91 32.71

Sulphur 235.76 3.48

Rock Phosphate 1117.6 16.51

Others 463.02 6.84

Total 6767.41

Muriate of Potash is commonly known as Potash or Potassium Chloride. It is the third largest crop

nutrient group, next to nitrogen and phosphorus. Rock phosphate, or phosphorite, is mined from clay


deposits that have phosphorus and is used to make organic phosphate fertilizers that many gardeners

use.

Product Detail

Finished Goods:

Coromandel Finished Goods (Reported as per Annual Report):

Product Name Sales Value % Sales to Total Sales Ammonium Phosphatic Fertilizers 4068.53 36.05

Subsidy 3165.77 28.05

Plant Protection Chemicals 1439.76 12.76

Di Ammonium Phosphate (DAP) 954.55 8.46

Urea 535.41 4.74

Others 509.34 4.51

Single Super Phosphate (SSP) 315.53 2.8

Mop (Muriate Of Potash) 237.58 2.11

Other Operating Revenue 57 0.51

Service Income 1.79 0.02

Total 11285.26

Ammonium Phosphate is a fast release fertilizer and is used when planting new grass,

maintaining it, while overseeding or renovating the lawn.

Diammonium phosphate (DAP) is the world’s most extensively used phosphorus fertilizer. It is

made from two common elements in the fertilizer industry, Ammonia and Phosphoric Acid. Its

relatively high nutrient content and excellent physical properties make it a popular choice in

farming and other industries.

Single superphosphate (SSP) was the first commercial mineral fertilizer, and it led to the

growth of the modern plant nutrient industry. This material was once the most commonly used

fertilizer, but other phosphorus fertilizers have largely replaced SSP because of its

comparatively low Phosphorus content.


Coromandel- Making Farming prosperous:

India is largely dependent on Farming and hence, increasing the yields becomes imperative for the

farmers for their sustenance and that of others.

Coromandel offers unique fertilizer grades that provide balanced nutrition to the crops.

The company ventured into organic manure for improving the health of Indian soils and has

been enhancing their offerings.

Also, Coromandel has introduced “Gromor Sampoorthi”, a complete nutrition programme for

empowering the farmers with the right knowledge. Under the programme, the farmers are

provided with a complete crop-wise nutrition scheduled developed by their experts after

extensive research.

The company also provides Value Added Services like Soil Test, Petiole test and crop Advisory

Services. Petiole test is the test of the stalk that joins a leaf to a stem.

The Yield Shield:

As per a research conducted by Assocham, India annually loses crops worth close to Rs. 50,000 crore

to pests & diseases. To avoid this, the company has been

Manufacturing and distributing crop protection products such as Insecticides, Fungicides and

Herbicides.

Under their umbrella brand “Gromor Suraksha”, Coromandel offers a host of high impact crop

protection products. These products help millions of farmers every day to address their crop

protection related concerns.

Their strong in-house R&D centre focuses on developing technologically superior products for

farmers.

They also conduct many practical training sessions for farmers on right methods of using

pesticides.


Investors Guidance from Company’s Management

Opportunities:

Higher budgetary allocation: Higher budgetary allocation under agriculture and rural

schemes in the Union Budget 2016-17 to increase investment in the sector. As Government

plans to double farm income in 6 years, the industry will benefit from additional consumer

spending.

Above normal monsoon forecast: Above normal monsoon forecast for 2016-17 season after

two consecutive irregular occurrences to recharge ground water levels and improve irrigation

prospects.

Higher asset creation: Higher asset creation due to increased allocation under MGNREGA in

2016-17. With the beginning of National Agriculture Market from 2016 onwards, farmers to

benefit from improved price discovery. Further, moderate growth in minimum support price

for food grains, pulses and oilseeds during 2016-17 to improve farm returns for the coming

period.

Soil health: Enhanced focus on soil health and yield improvement through sustainable means

to promote usage of complex, organic and specialty products. Also, with the micro irrigation

schemes being aggressively encouraged by the Government, water soluble fertilizer

consumption to pick up.

Assistance and Subsidy: Market development assistance for Organic manure to increase

acceptability and scale of the segment. Direct transfer of subsidy likely to reduce working

capital requirement in the industry.

Risks and Concerns:

The risks related with the Company’s businesses are broadly classified into six major categories:

Environmental Risk: The Company may face litigation and penalty due to hostile impact of its

effluents on eco-system.


Economic Risk: Due to downturn or adverse political situations which may negatively affect

the Company’s organizational objectives.

Regulatory Risk: Due to insufficient compliance to regulations, contractual obligations or any

other statutory violations leading to litigations and loss of reputation.

Operational Risk: Intrinsic to business operations including manufacturing & distribution

operations, tangible or intangible property and any other business activity disruptions.

Financial Risk: To organization due to major fluctuations in currency market, rise in interest

rates and possible non recovery of debts.

HR & Legal Risk: Due to attrition of any Key Managerial Person or disruption of operations due

to any other human resources issue.

In addition, IT related risks can result in loss of important data etc., leading to disruption in operations.

CSR Activities:

Education

The Coromandel Girl Child Education Scheme was re-launched to achieve equity of educational

opportunities and promote talent from rural areas. The scheme was conceptualized with the

aim of providing educational assistance to girls to encourage them to continue their education.

The company has also partnered with the IIM Ahmedabad Alumni Association-Hyderabad

Chapter to provide quality education for economically deprived first generation learners at

Udbhav School.

Coromandel also supports education to the children born with hearing impairment. At

Balavidyalaya, the children are taught to make use of their residual hearing through constant

use of suitable hearing aids and develop age appropriate language skills.


Health

The Coromandel Medical Centres have been successful in imbibing the practice of preventive

healthcare among the beneficiaries and inculcate awareness towards leading a healthy lifestyle.

During the year, Coromandel conducted various medical camps in its operating areas. These

camps were designed as per the health requirements of the communities and aim at improving

their awareness levels to ensure disease free life.

The Coromandel Pediatric Ward in Government General Hospital in Kakinada was refurbished

to improve the quality and service levels. During the year, Company donated four ventilators in

addition to other medical equipment.

Coromandel has partnered with ‘Hrudaya – Cure a little Heart’ Foundation to treat

underprivileged children with Congenital and Acquired Heart Diseases (CHD) and gives them a

chance to live normal, healthy life.

Community Development:

On the community development front, the programs initially started with health awareness

sessions for women, were strengthened to provide livelihood intervention as well.

Through the experience of Federation of Farmers Associations, efforts are being made to

engage with women in the backward area of Mehbubnagar district in Telangana to provide

health awareness and diagnostics as well as create alternate livelihood opportunities for

women farmers.

Coromandel conducted relief and recovery support activities in the flood affected areas in

Chennai in 2015 through ensuring availability of basic amenities like safe drinking water and

food.

Research and Development:

Coromandel is working with Punjab Agricultural University and Aston University to do a three

year study on analyzing bio-char as a fertilizer, analyze the energy output for rural application

and do a cost benefit analysis for this technology for commercial applications.


Studies have also been taken up to ensure environmental sustainability and ecological balance.

This include projects managed by Murugappa Chettiar Research Centre (MCRC) in the field of

water security and water use efficiency, climate change mitigation and developing solar energy

based devices.

Industry Outlook:

Major Threats:

Threat from Genetically Modified (GM) seeds: Genetically modified seeds possess self-

immunity towards natural adversaries which have the capability to negatively impact the

business of agrochemicals.

Integrated Pest Management (IPM) & rising demand for organic farming: Promotion of

IPM, zero budget farming and usage of bio-pesticides by Indian Government and NGOs is

gaining impetus. With increasing demand for organic food, farmers in certain states like

Karnataka have reduced chemical usage and have adopted organic farming. Agrochemical

companies will have to deal with the rising environmental awareness and address concerns on

negative impact of pesticide usage.

Opportunities:

Limited farmland availability and growing exports: This has put the pressure on the

Agriculture to increase yield per hectare which can be achieved through increased usage of

agrochemicals.

Growth of horticulture & floriculture: Growing horticulture and floriculture industries will

result in increasing demand for agrochemicals, especially fungicides.

Increasing awareness: Companies are increasingly training farmers concerning the right use

of agrochemicals in terms of quantity to be used, the right application methodology and

appropriate chemicals to be used for indentified pest problems. With increasing awareness, the

use of agrochemicals is expected to increase.


Technical and Fundamental Overview at Glance:

EXCHANGE SYMBOL COROMANDEL (NSE)

Sector FERTILISERS

Current Price * (Rs.) 335.45

Face Value (Rs.) 1

52 Week High (Rs.) 341.65 (10-Jan-17)

52 Week Low (Rs.) 145.50 (12-Feb-16)

Life Time high (Rs.) 361.05 (20-Oct-10)

Life Time low (Rs.) 2.00 (19-Nov-96)

Average Daily Movement [ADM]

11.18

Average Volume [20 days] 338561

1 Month Return (%) 19.38

Consolidated Trailing PE Ratio

25.11

Book Value 83.15

Market Cap 9888.09 (Cr)

% of Promoter holding pledged

0.01

The company’s share price is

trading 4 times to its Book value; in

general Book value below 7 times

is pretty low on valuation.

The company has negligible

promoter’s pledge.

Company has a huge market

capitalization.

The chart shows that the stock was a top

performer from January 2016 to January

2017 during this period the stock moved

up by 92% from Rs. 175.95 to Rs. 339.05.


Share holding Pattern:

SHAREHOLDING PATTERN SUMMARY

Shareholding Pattern 17-Sep 17-Jun 17-Mar 17-Dec

Promoter and Promoter Group (%) 62.03 62.08 1.19 NIL

Indian 62.03 62.08 1.19 NIL

Foreign NIL NIL NIL NIL

Public Shareholding

Institutions (%) 10.09 11.71 14.1 16.1

Mutual Funds 4.3 5.56 6.43 6.4

Foreign Portfolio Investors 4.45 4.82 4.62 4.91

Financial Institutions/Banks (%) NIL NIL NIL NIL

Insurance 1.27 1.28 1.34 1.39

Others NIL NIL 1.66 3.35

Non-Institutions (%) 27.88 26.21 23.82 21.81

Overseas Depositories (holding DRs) (balancing figure)

NIL NIL NIL NIL

Others NIL NIL NIL NIL

Total no. of shares (cr.) 29.16 29.14 29.13 29.13

Promoter Holding Pledged (%) 0.01 0.01 0.01 0.01


Number of Institution holdings has declined in past quarter mostly due to the declining Mutual Funds

Investments. The MF Holding has come down to 40 in September quarter from 49 in previous two

quarters. There is also a decreasing trend in the Foreign Portfolio Investors from 94 to 89.

INSTITUTION HOLDING IN COROMANDEL

16-Sep 16-Jun 16-Mar

No. of Share holders

No. of Equity shares

% Holding



% Holding



% Holding

Mutual Funds 40 12540000 4.3 49 34140164 5.56 49 18733430 6.43

FRANKLIN TEMPLETON MUTUAL FUND A/C FRANKLIN INDIAPRIMA FUND

1 3143243 1.08 1 16213692 1.08 0 3143243 1.08

BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED A/CBIRLA SUN LIFE FRONTLINE EQUITY FUND

Nil Nil Nil Nil Nil Nil 0 2998552 1.03

Financial Institutions/ Banks

26 189974 0.07 26 138350 0.05 25 134917 0.05

Insurance Companies 4 3708732 1.27 4 3744468 1.28 4 3900266 1.34

Foreign Portfolio Investors

89 12962824 4.45 94 14041814 4.82 89 13459285 4.62

Any Other 1 1840 0 1 1840 0 5 4822652 1.66

Grand Total 160 29403370 10.09 174 34140164 11.71 172 41050550 14.09


COMPANY PROFILE OF COROMANDEL, NSE, INDIA Date of Incorporation 16-Oct-61

Date of Listing 14-Feb-95

Management

Name Designation

Nirupama Rao Addnl. & Ind.Director

A Vellayan Chairman

Sameer Goel Managing Director

B V R Mohan Reddy Non Exe. & Ind. Director

Prasad Chandran Non Exe. & Ind. Director

Sumit Bose Non Exe. & Ind. Director

M M Venkatachalam Non Executive Director

V Ravichandran Vice Chairman

Registered Office Address

"Coromandel House",1-2-10, Sardar Patel Road,500003,Secunderabad,Andhra Pradesh,India Website

http://www.coromandel.biz


Company Financials:

SL In Cr. 16-Sep 16-Jun 15-Sep % QOQ Growth Sep16-Jun16

% YOY Growth Sept16-Sep15

Quarterly Quarterly Quarterly

1 Net Sales/Income from operations

3502.94 2001.33 3538.83 75.03 -1.01

2 Other Operating Income 16.27 15.95 12.13

3 Total Income From Operations 3519.21 2017.28 3550.96 74.45 -0.89

4 Increase/Decrease in Stocks 491.31 -521 -133.47

5 Consumption of Raw Materials 1751.52 1483.27 1850.11 18.09 -5.33

6 Employees Cost 78.05 72.63 71.39 7.46 9.33

7 Depreciation 25.38 24.35 28.07

8 Other Expenses 421.34 402.76 468.13

9 Total Expenditure 3160.03 1953.02 3271.79 61.80 -3.42

10 Operating Profit 359.18 64.26 279.17 458.95 28.66

11 Other Income 17.74 12.52 24.67

12 P/L Before Int., Excpt. Items & Tax

376.92 76.78 303.84

13 Interest 58.59 65.07 49.81 -9.96 17.63

14 P/L Before Tax 318.33 11.71 254.03 2618.45 25.31

15 Tax 105.37 3.76 84.39

16 PAT 212.96 7.95 169.64 2578.74 25.54

17 Equity Share Capital 29.16 29.14 29.13

18 EPS (Rs.) [Before Extraordinary items]

7.32 0.26 5.82 2715.38 25.77

*It will be unwise to compare the results quarter wise as Coromandel is a seasonal stock for it deals in

fertilizers. March and September are the yielding quarters for the company.


Key points in Quarterly Result

Two key strengths

SL18- EPS has shown a jump from 5.28 to 7.32 almost 25.77% on the yearly basis.

Bottom line in YoY has shown tremendous growth where operating profit has gone up by

28.66% and Profit after tax jumped by 25.54% YoY.

Two Key Weaknesses

SL 1- Topline quarter on quarter has gone up by 75.03% because of September being its

seasonal quarter but Year-on-Year it was almost flat.

Overall performance of the company was good YoY with EPS growth of 25.77% operating profit

growth of 28.66%.


Balance Sheet

Mar-16 Mar-15 Mar-14 Mar-13 Mar-12

12 mths 12 mths 12 mths 12 mths 12 mths

1 EQUITIES AND LIABILITIES

2 SHAREHOLDERS FUNDS

3 Equity Share Capital 29.13 29.13 28.32 28.31 28.26

4 Total Share Capital 29.13 29.13 28.32 28.31 28.26

5 Reserves and Surplus 2,351.54 2,135.40 2,204.74 2,147.30 2,342.93

6 Total Reserves and Surplus 2,351.54 2,135.40 2,204.74 2,147.30 2,342.93

7 Total Shareholders Funds 2,380.67 2,164.53 2,233.06 2,175.61 2,371.19

8 NON-CURRENT LIABILITIES

9 Long Term Borrowings 30.55 66.81 231.32 772.03 272.79

10 Deferred Tax Liabilities [Net] 170.88 187.4 186.86 179.79 67.45

11 Other Long Term Liabilities 15.02 30.01 30.09 30.12 33.99

12 Long Term Provisions 17.79 16.78 17.11 16.4 16.29

13 Total Non-Current Liabilities 234.24 301 465.38 998.34 390.52

14 CURRENT LIABILITIES

15 Short Term Borrowings 2,187.47 2,033.40 1,161.74 1,467.55 2,144.75

16 Trade Payables 3,469.78 3,079.68 2,572.42 2,202.65 2,042.72

17 Other Current Liabilities 383.56 623.89 454.88 320.93 224.51

18 Short Term Provisions 186.8 106.06 174.59 182.2 132.34

19 Total Current Liabilities 6,227.61 5,843.03 4,363.63 4,173.33 4,544.32

20 Total Capital And Liabilities 8,842.52 8,308.56 7,062.33 7,347.28 7,306.03

21 ASSETS

22 NON-CURRENT ASSETS

23 Tangible Assets 1,339.69 1,358.37 1,206.19 1,136.24 800.4

24 Intangible Assets 5.32 6.91 4.92 5.81 6.7

25 Capital Work-In-Progress 30.86 38.55 26.92 27.94 133.13

26 Fixed Assets 1,386.64 1,411.72 1,238.03 1,169.99 940.23

27 Non-Current Investments 382.92 352.02 743.83 879.51 627.9

28 Long Term Loans And Advances 47.86 68.25 57.68 87.79 51.4

29 Total Non-Current Assets 1,817.42 1,831.99 2,039.54 2,137.29 1,619.53

30 CURRENT ASSETS

31 Current Investments 0.19 0.19 0.18 0.04 0.04

32 Inventories 2,345.76 2,252.35 1,671.40 1,264.89 1,855.61

33 Trade Receivables 1,804.59 1,436.68 1,294.14 1,610.89 887.02

34 Cash And Cash Equivalents 182.6 296.16 457.03 452.76 917.85

35 Short Term Loans And Advances 2,684.35 2,487.79 1,586.05 1,874.17 2,013.38

36 Other Current Assets 7.61 3.4 13.99 7.24 12.6

37 Total Current Assets 7,025.10 6,476.57 5,022.79 5,209.99 5,686.50

38 Total Assets 8,842.52 8,308.56 7,062.33 7,347.28 7,306.00


Key strength in Balance sheet:

SL13- Company has lowered its Non Current liability, this shows that company is focusing on

debt reduction. Company’s total Liability has come down to 234.24 in March 2016 from 301 in

March 2015.

SL-15-Long Term Borrowings have come down drastically from 66.81 in March 2015 to 30.55

in March 2016.


Key Ratios of Coromandel

Per Share Ratios 16-Mar 15-Mar

14-Mar

Explanations Signals

Basic EPS 12.41 13.85 12.05 Consistent Neutral

Cash EPS 12.39 13.82 12.03 Consistent Neutral

Book Value 81.73 74.31 78.85 Consistent Neutral

Dividend Per share

4 4.5 4.5 Dividend Yield is good (LTP 335.20)

Positive

Profitability Ratios

PBDIT Margin (%) 7.26 8.05 8.52 Margins are consistent Neutral

Net Profit Margin (%) 3.14 3.57 3.67

Return on Capital Employed (%)

13.82 16.35 12.77 17% to 18% is considered better

Slight Negative

Return on Assets (%) 4.08 4.85 4.88

Total Debt/Equity (X) 0.93 0.97 0.62 Debt in control Neutral

Liquidity Ratios

Current Ratio (X) 1.13 1.11 1.15 close to 1.5%-3%which is the sign of healthy business

Neutral

Quick Ratio (X) 0.75 0.72 0.77 Commonly acceptable ratio is 1

Slight Negative

Dividend Payout Ratio (CP) (%)

24.95 25.87 30.12

Valuation Ratios

MarketCap/Net Operating Revenue (X)

0.48 0.69 0.67

Price/BV (X) 2.32 3.61 2.82 Price to book value is significant

Positive

Price/Net Operating Revenue 0.48 0.69 0.67


Investment Rationale

EPS has shown a jump from 5.28 to 7.32 almost 25.77% on the yearly basis.

Bottom line in YoY has shown tremendous growth where operating profit has gone up by

28.66% and Profit after tax jumped by 25.54% YoY.

SL13- Company has lowered its Non Current liability, this shows that company is focusing on

debt reduction. Company’s total Liability has come down to 234.24 in March 2016 from 301 in

March 2015.

SL-15-Long Term Borrowings have come down drastically from 66.81 in March 2015 to 30.55

in March 2016.

Employee Cost has gone up marginally.

The company’s share price is trading 4 times to its Book value.

Company has a huge market capitalization.

Coromandel is working with Punjab Agricultural University and Aston University to do a three

year study on analyzing bio-char as a fertilizer, analyze the energy output for rural application

and do a cost benefit analysis for this technology for commercial applications.

Under their umbrella brand “Gromor Suraksha”, Coromandel offers a host of high impact crop

protection products. These products help millions of farmers every day to address their crop

protection related concerns.

Coromandel has introduced “Gromor Sampoorthi”, a complete nutrition programme for

empowering the farmers with the right knowledge. Under the programme, the farmers are

provided with a complete crop-wise nutrition scheduled developed by their experts after

extensive research.

The company has also partnered with the IIM Ahmedabad Alumni Association-Hyderabad

Chapter to provide quality education for economically deprived first generation learners at

Udbhav School.


Concerned areas to look in the company

Topline has gone down -1.01% Year on Year.

Total expenditure has increased in QoQ by 61.80%.

Overall performance of the company was better in QoQ with EPS growth of 2715.38% and

Profit before tax of 2578.74%.

The MF Holding has come down to 40 in September quarter from 49 in previous two quarters.

There is also a decreasing trend in the Foreign Portfolio Investors from 94 to 89.

On 13th January, 2017, at 1.50 pm, Coromandel share price is trading @ 327.90.

We recommend BUY in Coromandel International Ltd @ 315 with the target of 375.

The stock is trading at PE Multiple of 24.21 having book value of 83.15 per share.

https://www.dynamiclevels.com/en/coromandel-share-price


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